sport and the economy

How does the Sport industry impact the UK economy?

So we’ve had an interesting time recently with lots of negativity in the press about the UK economy. I wanted to break away from that and highlight that over the next couple of months there are a number of positive events that are going to help the UK economy.

Wimbledon started last week, with the All England Club set to make over £56m, 99% of that in the two-week period of the Grand Slam. The Championship period has a wider impact, generating a significant amount of economic activity with just some of the following happening:
– 54k tennis balls used at the Championships
– 500k people typically attend the Championships
– 350k cups of tea and coffee are served in the two-week period
– 28,000 kg of strawberries are consumed
– 29k branded towels will be purchased

According to a study from Sport England, Sport is the 14th top industry sector in the UK, contributing at Gross Value Added (GVA) of £20.3bn, 1.9% of the England total. It generates over 440,000 jobs, 2.3% of jobs in England.

An infographic of the economic impact that the Sport industry contributes to the UK is below, highlighting, for example the number of times people have paid to see a sport is reaching 75m times. It is vital that this industry continues to engage not just the public on a national level but also businesses. Sponsorship, TV deals and equipment sales all driving the industry forward.

It is clear that with sporting events like Formula 1, Tour de France and the Olympics all coming up, there is an excellent opportunity for this sector to provide a great impact not only on our economy but also national pride at a time when we need it.

So, how does the recent news and this sector affect everyday business? In truth, not a great deal, MaxAd like many other businesses are operating ‘business as usual’, which is what we need, the stability of small businesses is essential. Nothing has changed for us and we are continuing to support our clients in ensuring they have the best staff possible to continue their business.

Here is to a great summer of sport and the benefits that brings and if you need MaxAd to support you at all, you know we will be here.

 

 


2 Comments

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